Question
The following information was taken from the financial records of Stormer Company for the year ended December 31, 2023: Retained earnings balance at December 31,
The following information was taken from the financial records of Stormer Company for the year ended December 31, 2023:
Retained earnings balance at December 31, 2023 $130,500
Cash dividends declared for the year $50,500
Proceeds from the sale of equipment $85,500
Gain on the sale of equipment $7,900
Cash dividends payable at the beginning of the year $22,500
Cash dividends payable at the end of the year $25,400
Net income for the year $96,500
Use the above information to calculate the amount of cash dividends Stormer paid during the year.
Multiple Choice
$11,600.
$47,600.
$49,600.
$73,000.
$51,600.
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